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Home»Altcoins»XRP in First Major Pullback Since November: Key Price Levels to Watch
Altcoins

XRP in First Major Pullback Since November: Key Price Levels to Watch

2024-12-11No Comments3 Mins Read
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  • Profit taking on XRP increases in the second week of December as bullish activity cools down.
  • A summary of XRP spot flows and the state of the derivatives segment.

Just over a week ago, Ripple’s native coin XRP was enjoying robust bullish momentum. In the first week of December, the index even reached a new eight-month high, building on the momentum achieved in November.

XRP has since pushed back from its recent top as traders took some profits off the table. For context, XRP peaked at $2.90 on December 3. Since then, the price has fallen to a weekly low (yet) of $1.90, which equated to a 20% decline.

This pullback means we now have a rough idea of ​​where the last rally started and ended. Charting a Fibonacci retracement indicator from bottom to top revealed that the price could fall to the range of $1.41 to $1.69.

XRPXRP

Source: TradingView

The cryptocurrency was exchanging hands at $2.31 at the time of writing. This was after an unexpected pullback during Tuesday’s trading session. This indicates that investors expect more upside potential, hence the revival in demand.

Continued selling pressure as market sentiment shifts from greed to fear could pave the way for more XRP downside. An assessment of supply and demand forces helps paint a clearer picture of the cryptocurrency’s demand levels.

XRP spot flows indicate that the highest spot inflows into the cryptocurrency were observed in early December. Inflows peaked at 177.33 million on December 1 and the latest inflow figure on December 10 was $11.35 million.

XRPXRP

source: Coinglass

The spot flows also showed a revival of outflows in the last ten days. XRP outflows peaked at $155.79 million on December 4. Total outflows over the past ten days were higher than inflows, reflecting the decline over the same period.

See also  Bitcoin -price stalls for $ 88k - Can bulls overcome key resistance?

What about the situation in the derivatives segment? According to Coinglass, XRP recorded a spike in negative funding rates on December 11. A sign that there was an increase in the number of short sellers with the rising bearish expectations.

XRPXRP

Source: Coinglass

The negative financing rates came after days of declining positive financing rates. This was a sign that the previously strong demand was cooling off.


Read Ripple [XRP] Price forecast 2024-2025


These observations, along with the escalating spot flows, indicate a growing possibility that XRP could continue its decline.

However, traders should be alert to potential changes, including demand-building events that could help XRP bulls. Extreme volatility is expected along the way, as was the case on Tuesday due to liquidations.

Next: RAY Breaks Out of the Bullish Pennant: Is a 35% Rally Possible?

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Key Levels Major November Price pullback Watch XRP
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